mrf share price: India’s highest-priced stock just got pricier; MRF shares hit Rs 1.5 lakh mark

India’s highest-priced inventory MRF, which had hit the Rs 1 lakh share value mark in June final 12 months, hit one other milestone of Rs 1.5 lakh on Wednesday after a ten% rally. That is the primary time that an Indian inventory has achieved this milestone.

In Wednesday’s commerce, MRF inventory witnessed a complete of 27,248 fairness shares price Rs 384.6 crore altering fingers on NSE.

Apart from MRF’s inventory, Web page Industries (Rs 37,770), Honeywell Automation India (Rs 37,219), 3M India (34,263) and Shree Cement (Rs 26,527) are different highest-priced shares in India.

Nestle was additionally one of many prime costly shares in India till the inventory break up within the 1:10 ratio in early January. Nestle’s board had final October authorised splitting of 1 share of face worth Rs 10 into 10 shares of face worth Re 1 every.

At 1:38 pm, nonetheless, MRF shares misplaced the momentum and had been buying and selling 0.5% greater at Rs 1,37,247. Its inventory has delivered 24% returns within the final three months, and 53% within the final one 12 months.

In Q2 FY24, tyre maker MRF reported stellar progress within the internet revenue, as the underside line surged practically 5 instances year-on-year (YoY) to Rs 572 crore. Its income from operations grew by 6.5% YoY to Rs 6,088 crore.The tyre maker’s earnings earlier than curiosity, taxes, depreciation and amortization or EBITDA for the quarter rose greater than twofold on 12 months to Rs 1,129.09 crore. Because of this, the working margin expanded by a staggering 1,038 foundation factors to 18.55%.Technically, the inventory is within the overbought zone because the day RSI (14) is at 87.1. The RSI beneath 30 is taken into account oversold, and above 70 is overbought. MACD is at 4568.2, which is above its middle and sign line, and this can be a bullish indicator.

MRF is at the moment buying and selling above its 20-day, 50-day, 100-day, and 200-day easy transferring averages (SMAs). The inventory has been comparatively low on the volatility entrance, with a 1-year beta of 0.2, based on Trendlyne.

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